SAN FRANCISCO, Jan. 5, 2016 /PRNewswire/ -- Bank of the West Wealth Management Group introduces a new donor-advised fund through its recently launched Family Wealth Advisors group. This new program allows Bank of the West clients to give strategically to causes and charities of their choice, obtain a tax deduction for their contributions, and offer a simple, efficient and flexible way to make a charitable contribution.
"Donor-advised funds are a convenient way for individuals and families looking to give back to charitable organizations or causes that they hold dear," said Steve Prostano, head of Bank of the West Wealth Management's Family Wealth Advisors group. "An important aspect of the wealth management services we provide is helping our clients be more strategic in their philanthropic endeavors. Our donor-advised fund will provide Bank of the West clients with flexible giving options and guidance from our dedicated team of professionals."
Today, donor-advised funds are the fastest-growing segment of charitable giving vehicles, ahead of private foundations, trusts, annuities and pooled income funds1. This is largely due to flexibility and simplicity of use. Donors are able to contribute a wide range of assets, both liquid and illiquid, to the fund, while potentially increasing the assets through investment returns before the fund makes a charitable donation.
Bank of the West's donor-advised fund program has a minimum opening contribution of $5,000 with grants as low as $100. The donor-advised fund will be offered through Bank of the West's Wealth Management Group and available to all of its customers. Along with Prostano, Julie Shafer, head of Strategic Philanthropy and Purpose Investing for Family Wealth Advisors, will leverage more than 20 years of experience to provide tailored philanthropic advice to clients looking to take advantage of the donor-advised fund or other charitable giving options.
"We are committed to providing our clients with specialized products and services in a space that is quickly increasing in popularity," Shafer said. "We know that there is a growing interest in philanthropy and people are looking for options that streamline and simplify giving. The program is a significant step for giving our clients distinct and tailored wealth management and philanthropic investing options."
About Bank of the West Wealth Management Group
Bank of the West Wealth Management provides wealth planning, investment management*, personal banking, philanthropy, and trust services. The group is part of BNP Paribas' global wealth management business of more than 6,300 professionals in 30 countries worldwide with over $15.5 billion** in assets under management in the United States and €305 billion ($345 billion) in assets under management globally as of June 2015.
About Bank of the West
Bank of the West is a regional financial services company chartered in California and headquartered in San Francisco with $74 billion in assets as of September 31, 2015. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 offices in 22 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with 185,000 employees.
Bank of the West Wealth Management offers products and services through Bank of the West and its various affiliates and subsidiaries.
*Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer, Member FINRA/SIPC, and SEC Registered Investment Advisor. Financial Advisors are Registered Representatives of BancWest Investment Services. Fixed annuities/insurance products are offered through BancWest Insurance Agency in California, (License #0C52321), through BancWest Insurance Agency in Utah and through BancWest Investment Services, Inc. in AZ, CO, IA, ID, KS, MN, MO, ND, NE, NM, NV, OK, OR, SD, WA, WI, WY, HI, GUAM and CNMI. Advisory Services are offered through BancWest Investment Services, an SEC-registered investment advisor. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors. BancWest Investment Services is a wholly owned subsidiary of Bank of the West and a part of the Wealth Management Group. BancWest Corporation is the holding company for Bank of the West. BancWest Corporation is a wholly owned subsidiary of BNP Paribas.
Investment and Insurance products:
| NOT FDIC INSURED |
NOT BANK GUARANTEED |
MAY LOSE VALUE |
NOT A DEPOSIT |
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY |
** Including assets under supervision at BancWest Investment Services
Deposit and loan products offered by Bank of the West, Member FDIC. Member FDIC and Equal Housing Lender
1Source: National Philanthropic Trust, 2015 Donor-Advised Fund Report
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SOURCE Bank of the West
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